EUR/USD
Continues to edge higher towards the 1.2737 wave equality target following the push above 1.2663, although upside momentum is waning. A more important wave equality target lies at 1.2765, projected off the June 29 higher low at 1.2151, and the long-term bear resistance line originating from the November 2009 reaction high at 1.5145 is at 1.2773 for Friday's current session. Corrective weakness will attract support around 1.2600/20, and only below 1.2553 would concern near-term bulls.
GBP/USD
A classic bull trap Thursday left the two-month high at 1.5240 stranded, and brings the focus down to the bottom of the range at 1.5070/82. The failure to attract follow-through above 1.5230 Thursday suggests the six-week recovery is close to its conclusion, and a break below 1.5070 would prompt a sharp downmove towards 1.4934. The July 1 higher low at 1.4876 lies below there. Above 1.5206 is required to suggest the 1.5240 high is vulnerable.
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